Solar Panel Cost Guide in Lakeland, TN (2024 Update)
- Lakeland Solar Installation Cost: $19,280
- 25-Year Savings: $10,799
- Payback Period: 19.9 Years
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Average Cost of Solar Panels in Lakeland
Let’s have a look at the average cost of solar in Lakeland.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lakeland, the typical cost of solar panels is 4 per watt.The average Lakeland homeowner needs a 7.7-kilowatt system, which would cost about $19,280 with the federal tax credit, or $27,570 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lakeland homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Even with the large upfront cost, the average Lakeland homeowner can save about $13,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Lakeland that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lakeland
| Year | Return on Investment |
|---|---|
| 1 years | $-17,772 |
| 3 years | $-14,756 |
| 5 years | $-11,739 |
| 7 years | $-8,722 |
| 9 years | $-5,706 |
| 11 years | $-2,689 |
| 13 years | $328 |
| 15 years | $3,344 |
| 17 years | $6,361 |
| 19 years | $9,378 |
| 21 years | $12,394 |
| 23 years | $15,411 |
| 25 years | $18,428 |
Top Solar Installers in Lakeland
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of a solar company can make your switch to solar power much easier. Solar warranties and repairs are usually included in the cost of installation when you opt for a solar company too, which can save you more money after your initial investment.
If you’d like to switch to solar energy but still aren’t certain which solar panel company to go with, here are our recommendations for providers in Lakeland:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lakeland
Factors that Affect Solar Panel Costs in Lakeland
Even though the average cost of a solar system in Lakeland is $19,280, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,580. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Lakeland average.
Solar Financing Terms
Most solar companies in Lakeland have solar loans, which reduce your upfront costs of installing solar panels.Though solar loans make switching to solar energy more accessible for Lakeland homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lakeland, and each can charge different amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.72 | $15,637 | $3,242 | 20.7 years |
| 8 kW | $3.65 | $20,449 | $4,724 | 20.3 years |
| 10 kW | $3.58 | $25,060 | $6,406 | 19.9 years |
| 12 kW | $3.51 | $29,471 | $8,289 | 19.5 years |
| 14 kW | $3.44 | $33,681 | $10,372 | 19.1 years |
| 16 kW | $3.37 | $37,690 | $12,656 | 18.7 years |
| 18 kW | $3.29 | $41,499 | $15,140 | 18.3 years |
| 20 kW | $3.22 | $45,108 | $17,825 | 17.9 years |
How to Save on Solar Panels
There are a lot of companies available in Lakeland, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: The model of solar panel you’d like plays a part in which company you should opt for, since different companies provide different panels.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lakeland, TN Solar Cost FAQs
What is the average cost of installing solar panels in Lakeland?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lakeland?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.